Bitcoin Weekly Report — Price continues to fall as extreme fear enters the market.
Bitcoin Report (9th of May 2022)
Last week we predicted that a downward move would be likely. Our Technical analysis broke down why we believed BTC might continue falling and what that might look like.
The daily chart above shows what we predicted and what the outcome has become. Bitcoin tried to hold the major trendline from January 2022 but failed to. We now are seeing the result of that trendline falling. Over the past week we can see that price is heading directly for the $30,000 price area.
4 Hour Timeframe
Last week there was a trade opportunity that was taken on the short side. We can see price broke the key horizontal level, came up to retest it and rejected for some time. Price then spike up above the zone briefly where it rejected at the downtrend from 28th of March. The take profit target area was the $34,000 as this was the next clear level of support.
The arrows show what this weeks predictions are. Whether or not we get a retest in this area of $34,300 is yet to be seen. There is a chance that with such fear entering the market that price continues to without any pause in momentum.
Some key areas where I would be looking for rejection for buys would be: Reclaim the $35,000 level , Rejection at $31,600 , rejection at $30,000 — $28,000
Major Alt Coins
Like mentioned in other reports, alts aren’t differing much from BTC.
ETH didn’t quite reject the way we were expecting as when BTC spiked up the altcoins followed and briefly broke the trend. After the move fell back below the level and rejected it price continued to the next logical targets and is well on its way to the $2370 area.
We are now seeing the red situation well an truly play out as price falls and retests the $98 area and rejects. Further downside to the areas of 90 , 78 and 66 as mentioned in the last report are all areas where I would expect to see some sort consolidation.
Thanks for reading and as always follow your trading plan and manage risk.
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This is not financial advice. The information contained on this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. You and only you are responsible for your trading and investing decisions. I am not a professional. I accept no liability whatsoever for any loss or damage you may incur.